Profit worries beat Hong Kong shares down 3 pct

Hong Kong shares slid 3 percent on Wednesday on worries over battered corporate bottom lines amid the global downturn in the first quarter but carmaker Dongfeng Group soared on reports of record March vehicle sales.

New listing Silver Base was a victim of Wednesday's sell-off, opening well below its issue price and staying depressed through the day.

Shares in the company, which distributes products made by Chinese liquor maker Wuliangye Yibin debuted at HK$3.05, against the issue price of HK$3.45, which came at the top of the indicated range. The stock finished 9.9 percent lower at HK$3.11.

The benchmark Hang Seng Index was down 454.11 points at 14,474.86, led by a 5.6 percent drop in HSBC.

The main index has piled on 28 percent from this year's low, hit on March 9, on hopes of stabilisation in the U.S. economy and a faster recovery in China. Blue chip stocks command valuations of around 12 times their estimated earnings, a vast improvement from the decade-lows they plumbed at the nadir of last year's slump.

Bourse operator Hong Kong Exchanges & Clearing slid 5.7 percent to HK$81.90, retreating from its recent strong gains as turnover on the exchange slowed this week.

On Wednesday, Morgan Stanley predicted HKEx shares would fall over the next 30 days, relative to the main index, after outperforming the market by 40 percent in the past month.

Turnover rose to HK$60.8 billion compared with Tuesday's HK$50.9 billion.

Esprit sank 5.9 percent to HK$41.35 after the world's No. 6 fashion brand announced it was replacing its chief executive Heinz Krogner with Ronald Van der Vis, who will take over on or before Nov 1.

Investors are concerned about Van der Vis's lack of apparel industry experience. Van der Vis was previously CEO of Pearle Europe B.V., a privately owned global optical retail group.

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